Mongolian Businesshttp://mongolianbusiness.org
Sat, 29 Dec 2018 07:58:42 +0000en-GBhourly1https://wordpress.org/?v=5.0.3http://mongolianbusiness.org/wp-content/uploads/2018/12/cropped-LogoMakr_9jioxD-32x32.pngMongolian Businesshttp://mongolianbusiness.org
3232Tips To Help You Become A Better Online Business Personhttp://mongolianbusiness.org/tips-to-help-you-become-a-better-online-business-person/
http://mongolianbusiness.org/tips-to-help-you-become-a-better-online-business-person/#respondMon, 17 Dec 2018 07:44:24 +0000http://mongolianbusiness.org/?p=17Starting and maintaining a home business enterprise is a bold move. Home businesses can be immensely successful if you know how to maintain your businesses affairs in the right way. This article will cover some of the essentials you need to consider, to ensure the growth, success and profitability of your online business.

If you have a home based business, don’t miss out on the home office tax credit. You can claim this space even if you don’t devote an entire room to your business. If you have an area which is only or primarily used for business purposes, you can claim it based on square footage, and calculate the portion of your home that is taken up by your office space.

Once you’ve decided on a product to sell, do your homework and check out your competition. Look at their prices and study the quality of the goods that they are selling. Make sure not to price yourself out of the market, and figure out how to deliver the best value to your customers.

Set up a Post Office box for all your business mail. It’s best to do this, rather than put your family at risk by using your physical address. This is especially important if you are doing most of your business online. Don’t ever post your home address online, for any reason.

To reduce distractions keep your office off limits to children. Have set work hours that enable you to run your business and still have time for your family. Older children should understand not to disturb you while you are working. For your business to succeed your family needs to be supportive and respectful of your work schedule.

Take all of the home-business tax deductions that are legally allowed. For example, you can deduct the cost of a second telephone line or a mobile phone if you use it exclusively for your business, but be sure to keep sufficient records to prove your deductions. Taking all permissible write-offs helps you keep more of what you earn.

Although you may be used to working eight hours a day and then being off, you have to realize that in order for a home business to thrive more of a time commitment may be needed. Once everything is in place you will be able to relax a little.

Maintain a professional attitude as you begin your home based business. Keep your personal life and your professional life separate. Just because you are working from home, does not mean that you should engage in any family responsibilities during the time that you are supposed to be working. You will not be successful if you do not put the time into running your business efficiently.

Don’t walk into a home business enterprise blind! There are many online discussion forums designed for small business owners to discuss the unique obstacles in this field. Look locally for other small business and home business organizations that meet in person. Either way you go, networking with other business owners gives you an excellent support system.

Having a business license for your home business often allows you to purchase things wholesale. This is excellent news for people who make their product, since you can search on product search engines for bulk orders of raw materials. This minimizes trips to the store, and frees up your wallet for other expenditures.

]]>http://mongolianbusiness.org/tips-to-help-you-become-a-better-online-business-person/feed/0How to Create a Business Blueprinthttp://mongolianbusiness.org/how-to-create-a-business-blueprint/
http://mongolianbusiness.org/how-to-create-a-business-blueprint/#respondFri, 16 Nov 2018 07:44:25 +0000http://mongolianbusiness.org/?p=18Businesses, like buildings, require a blueprint or a design plan. Could you just start building and putting up walls? Sure, you can start enthusiastically and creatively, but there will come a point where parts aren’t coming together as they should and your efforts begin to feel unproductive, confused or even wasted.

Entrepreneurs begin businesses in many ways based on their personalities and belief systems. Some need detailed, well researched plans. Others jump in, get clients and are rolling before they’ve even decided what business they choose to be in. Then there is everyone in between.

For some, planning dampens their enthusiasm, for others, it’s an absolute necessity. Regardless, the planning process itself is a great exercise, pushing the business owner to develop clarity and goals in key areas.

Where it gets interesting in my opinion, is after the plan is finished. How is it used? Is it used at all? Does it prove to be a guiding light or a rigid limiter?

For one to adhere to very detailed plans, the business owner, the organization and the plan have to be well aligned. The plan should be reviewed and revised regularly, quarterly or monthly, so that congruency remains intact.

For the non-planner types, a business blueprint provides vision, structure and general form. It’s a useful framework, providing structure, direction and purpose, while leaving plenty of room to shift and create over time.

Here are some key components of a business blueprint that can serve as the foundation for your developing business:

1. Your Vision – There is something you envision when you go into business. Capture that vision on paper. Why are you driven to be in business at all? Who do you serve and how? At its future best, what does it all look like as it plays out?

Specificity in your vision is key. This is the “down the road” snapshot that you hold in your mind as the prize. The plan is designed to help you reach this vision, so the clearer the vision, the more helpful the plan.

2. The Why – Document and regularly remind yourself of why this vision matters to you. Your “big why” is any reason you have that is meaningful enough to drive you through challenges and difficult times. Identify your most significant reasons for being in business and remind yourself of why you are willing to do what it takes to recommit each day.

3. Unique Brilliance – Your unique brilliance is that special life force that you bring to your business that makes it authentically you and gives it power. If you examine what you have always loved (from childhood), attach words or qualities to it, you have something truly special that brands and differentiates your business because of the qualities you bring.

Your brilliance isn’t a technique or skill, it’s a talent that emanates from you and permeates your work. For example, a unique brilliance statement might be: “I spark innovation.” Keep it simple yet powerful. Think of Walt Disney. I believe his childlike imagination was his unique brilliance, and look how that played out.

4. A Stand – What is an overarching principle of your business? Are you taking a stand for something in your business that transcends the products and services? State what you stand for that is expressed through your business. For example, “I am a stand for people communicating effectively to make the world a more harmonious place.”

5. Expertise – What are you an expert at? This is still aimed at the business owner, but is more related to the work he/she is doing. What expertise do you have (and should your team have) that will drive the business forward. An example might be, “I am an expert at making people beautiful.” This expertise will be used in the business and in the branding.

]]>http://mongolianbusiness.org/how-to-create-a-business-blueprint/feed/0Cost Benefits Through Business Organization Technology Assessmenthttp://mongolianbusiness.org/cost-benefits-through-business-organization-technology-assessment/
http://mongolianbusiness.org/cost-benefits-through-business-organization-technology-assessment/#respondSat, 20 Oct 2018 07:44:25 +0000http://mongolianbusiness.org/?p=19Over the period of 10 years, a leading healthcare solution provider had been through merger and acquisition cycles integrating the offerings of the companies acquired into their line of business. Although, this garnered their business value offerings to the customers and broadened their market reach, it internally led to a disparate array of backend data sources ranging across: MS-Access, Oracle, SQL Server, etc. Similarly for the front end reporting needs, client uses multiple tools i.e. Power Builder, MS – Assess, Cognos and SAS.

Business Need

The key business challenges were:

• The current Data warehouse solution needs to be evaluated and re-architected, considering past and future business requirements.

• Currently, there are several resources that are focused in generating reports for various customers of client. Due to the current data warehouse design, disparate data sources and other unknown technical dependencies, time taken by these analysts is significant to generate the reports, thereby increasing the cost of conducting business.

• The usage of current BI/ DWH tools need to be evaluated and if required to be consolidated. The objective is to utilize those tools that are more pertinent to the business need, thereby reducing maintenance costs.

• Help to identify and automate overall ETL, OLAP and reporting process is a key element as this will help reduce manual dependencies, cause less human error and will be a good scalable option for similar or repetitive reporting needs from customers.

• Other challenge of providing timely delivery of reports to customers, due to complex internal environment set-up and dependencies on internal and external data feeds can be eliminated or minimized.

Solution

A Business Needs assessment includes an analysis of the underlying business drivers and objectives and overall context of business need that has been established for the client’s Data Warehouse. When business needs have been defined, the assessment process examines the approach to capturing business requirements, their completeness, the priorities of the requirements, and alignment of the data warehouse release strategy and deliverables to the needs.

• Assessment of organizational and infrastructure readiness to support value transparency initiatives including key gaps.

• Assessment of cost/value improvement opportunities.

• Recommendation of high-level architecture and strategy to support defined information needs.

• Specific recommendations for short and long term improvements.

• Cost benefits analysis and ROI.

Organizational Assessment

An Organizational Assessment includes an examination of the existing organizational structure and identification of the roles and responsibilities of both IT and the business community that need to be addressed. Organizational readiness for warehousing is examined, including readiness to assume responsibility for ongoing technical and business support, business requirements definition, and front end applications enhancement.

]]>http://mongolianbusiness.org/cost-benefits-through-business-organization-technology-assessment/feed/03 Top Rated Hotels in Kolkatahttp://mongolianbusiness.org/3-top-rated-hotels-in-kolkata/
http://mongolianbusiness.org/3-top-rated-hotels-in-kolkata/#respondMon, 17 Sep 2018 07:44:26 +0000http://mongolianbusiness.org/?p=20The City of Joy- Kolkata is the capital and the largest city of West Bengal. A very important commercial center, the city has a long and colorful past that you can sense even today. Find out more about the city and also some of the best hotels in Kolkata.

Kolkata can be said to be the face of India as it represents the chaos and confusion of the country.. It was the first capital of British ruled India and the colonial stamp can be seen clearly even today in the numerous buildings and institutions in the city. The city is an interesting mixture of the old and new; you can find some parts of the city permanently in a time warp and some rapidly developing with numerous malls, huge IT hub and multiplexes. One of India’s most populous cities, Kolkata is a major commercial center in Eastern India. As a result you can easily find many quality hotels that offer all major facilities. We have compiled a list of some of the best Kolkata hotels that will make the selection process easy for you.

3 Top Rated Hotels in Kolkata

5 Star Kolkata Hotel – The Oberoi Grand is one of the best hotels in Kolkata. This popular 5 star hotel is located on the Jawaharlal Nehru Marg and is still regarded as the best place to stay in the city. The hotel has garnered a large number of positive reviews and is known for its service, facilities and hospitality. The hotel offers elegantly furnished suites equipped with all major facilities. The hotel also offers a Thai restaurant, swimming pool, bar, free parking and 24 hr room service. The room rate starts from Rs. 9688.

3 Star Kolkata Hotel – Lytton Hotel is another top rated hotel in Kolkata near Sudder Street. The hotel enjoys a customer recommendation of nearly 75% which means 8 out of 10 guests would like a second visit. The hotel has garnered a number of positive reviews for its service, location and facilities. It offers fully air conditioned rooms equipped with all major facilities. The hotel also offers multi cuisine restaurant, Jacuzzi, sauna, steam, and swimming pool. The room rates start from Rs.5000.

Kolkata Budget Hotel – Hotel Gulshan International is one of the most popular budget hotels in Kolkata located near Park Street. The hotel enjoys a healthy 70% customer recommendation which means 7 out of 10 people would like to visit this particular hotel again. Customers have praised the hotels location, service and the general cleanliness. The hotel offers fully air conditioned rooms equipped with all major facilities that include attached bathrooms, hot & cold water, color TV, etc. The hotel also offers multi cuisine restaurant, internet facility and 24 hr room service. The room rates start from Rs.1895.

The definition of “hip hotels” is “Highly Individual Places”; luxury hotels which make the visit memorable and unique. These designer boutique hotels are often small with less than 30 guest rooms and generally offer exceptional standards of personal service. There are thousands of unique hotels to choose from, but to start you off, here are our suggested top five hip hotels in Europe.

#1 Victory Hotel, Stockholm
This nautical themed hotel is crammed full of collectibles which the owner of this unique boutique hotel in Stockholm has put together over the years. Marine antiques, brass fitments, model ships and seascapes turn these rooms into Captain’s quarters, complete with a trouser press and a Bang & Olufsen stereo. To complete the appeal, this luxury hotel in Stockholm has its own Michelin starred restaurant serving traditional Swedish favourites from the sea.

#2 Aria Hotel, Prague
The Aria Hotel is a boutique hotel in Prague designed for music lovers of all tastes. Each room is dedicated to different artists, composers or musical styles catering for everything from Mozart to Elvis. There is a private screening room, a music salon and a library and this classic boutique Prague hotel even has its own Director of Music for some interesting discussions.

#3 La Bastide de Moustiers, Provence
Food is the number one priority for those choosing to stay at this delightful rustic farmhouse boutique hotel in Provence created by master chef Alain Ducasse. The 12 well appointed rooms at this hip hotel are cosy and comfortable. The Michelin star restaurant has no standard menu. Instead the head chef creates dishes inspired by the availability of the hotel’s kitchen garden produce which varies throughout the seasons. Order a picnic basket from the kitchen and spend the day exploring the scenery of this laid-back corner of Provence.

#4 Solar de Castelo, Lisbon
The Solar de Castelo owes much of its charm and character to being part of the old castle. This boutique hotel in Lisbon has just 14 bedrooms in the homely style of a family mansion. Features of the former palace include the old cistern and the delightful Portuguese-style doorway. They contrast well with the more modern facilities including cable TV and WiFi internet access. The piéce de résistance of this boutique hotel in Lisbon is the delightful courtyard garden.

#5 Hotel Arts, Barcelona
Last but not least in our pick of hip hotels in Europe is the Hotel Arts in Barcelona. Superbly located overlooking the marina, it is a hip hotel on a larger scale than the others. It is designed around a gallery of artworks and sculptures which even flow outdoors to the pool terrace and water garden. The floor-to-ceiling glass windows make a picture-perfect view, or guests can appreciate the fine art collection by noted Spanish artisans which is spread throughout this hip hotel.

Alex Brey co-founded Luxique, and has had a passion for travel for more than 20 years.. He realized that the decision-making process for planning the perfect trip – from choosing the destination to getting the right hotel room – was something that could be improved. And so came the birth of Luxique, the website that caters for the discerning traveler.

]]>http://mongolianbusiness.org/top-5-hip-hotels-in-europe/feed/0The Versatile Casino Hotels of Las Vegashttp://mongolianbusiness.org/the-versatile-casino-hotels-of-las-vegas/
http://mongolianbusiness.org/the-versatile-casino-hotels-of-las-vegas/#respondFri, 13 Jul 2018 07:44:28 +0000http://mongolianbusiness.org/?p=22The hotels of Las Vegas enjoy a cult status all over the world. They are known for their grand appeal, warm staff and great hospitality. However, this does not mean that all the hotels of Vegas have the same thing to boast of. In fact it is in the variety of these hotels that the attraction of Vegas lies. Each hotel has a novel experience to offer. Each hotel has a unique USP and each hotel is charming in its own way.

Below is a list of some of the hotels of Las Vegas with an account of their versatility-

MGM- This awesome hotel offers the largest casino of Vegas, definitely a status that pulls in large crowds.

Venetian- The casino here is one of the most elegant ones in the world. The hotel also stakes claim to offering the largest suites and rooms of Vegas. The fact that the hotel offers it guests not only a great fitness and shopping center but also the opportunity to take a gondola though the Thou Canal is highly appealing to tourists.

Wynn Hotel- The pool side casino is to die for here. The golf course, the Ferrari Store, the designer showrooms and all such other jewels make this hotel one of the most expensive projects of Las Vegas. Definitely a must see for someone visiting Vegas

Bellagio- The grand stove poker room here is not something one should miss. With new games like Paj Gow Fire Hook, Pai Gow Tiles, 3-Card Poker and Big Six added to the Treasure Island here, this one is a winner. The lovely spa here along with the book store makes this hotel worth visiting.

Mandalay Resorts – The four seasons here are not to be missed at all. The Coral Reef lounge of this hotel is beautiful beyond belief and the casino here is very fashionable and attractive.

Planet Hollywood- Apart from the humongous theater and the roof top pools that this hotel offers, the casino here is also a cut above the others.

Paris Hotel- The sky painted ceilings here are definitely very attractive but the Le Club music couch in the casino adds a lovely touch to the gambling here.

Excalibur- This hotel is a great one for those who are on a tight budget. There room fares here are very economical and the best part is the independent kid’s floor that the hotel provides.

El-‘ksur- This unique pyramid shaped hotel is not one to be missed at all. The casino here is very intriguing and the Egyptian motifs add great appeal to the hotel.

Creaser’s Castle- The hotel has an almost iconic status in Las Vegas and the ancient Roman outfits and aura offered here is very interesting.

Mirage- The green forest design of this hotel is awesome and the pool area with its plants and aquarium is a must see.

New House of New York – This hotel reflects the Gotham City and right from Manhattan skyline, Empire State Edifice, Statue of Autonomy, Chrysler Edifice, Library and Brooklyn Bridge, everything can be found here.

Flamingo- The hotel offers the best bird sanctuary in the region and therefore is a must see.

There are several other hotels in Vegas and each one has its own attraction to offer to the guests. So no matter how many times you visit Vegas, it always has something new to offer you.

]]>http://mongolianbusiness.org/the-versatile-casino-hotels-of-las-vegas/feed/0Restaurant Financial Management Issueshttp://mongolianbusiness.org/restaurant-financial-management-issues/
http://mongolianbusiness.org/restaurant-financial-management-issues/#respondWed, 27 Jun 2018 07:44:29 +0000http://mongolianbusiness.org/?p=23Restaurant owners, while being aware of the financial management of their businesses, are more likely to be involved in troubleshooting the day to day issues that keep things running smoothly. Unfortunately, a financial accountant is a luxury that many small restaurant owners cannot afford. This article will address six main accounting problems that restaurant owners often encounter and how to either prevent them from occurring or how to solve the problems once they do occur. Being a small business owner is always a challenge and the restaurant business is complex financially.

This article will concentrate on those issues that can be resolved with some good accounting skills and procedural methods. By teaching restaurant owners how to look for financial issues before they arise, an accountant, can help the owner correct or improve the financial techniques being utilized to manage profit and reduce any losses that are preventable. The six issues addressed here will focus on the:

Problem One – Absence of an Accounting System
Problem Two – When Major Operating Expenses are Higher than Total Sales
Problem Three – Menu Offerings
Problem Four – Food and Beverage Inventory
Problem Five – Issues that Occur When Inventory is Higher than Sales
Problem Six – Utilizing a Balance Sheet and Profit & Loss at Month End

By investigating these issues, which are common problems for restaurant owners, managing these issues and troubleshooting them before the restaurant is out of control financially is feasible and can help an owner utilize accounting methods.

Problem One – Absence of an Accounting System

The first issues that a restaurant owner must deal with when trying to avoid accounting issues is to invest in a good piece of computer software that will help keep track of all transactions. Nessel, who is an owner and financial consultant to restaurant owners, recommends QuickBooks for keeping a General Ledger of all financial transactions that occur in the restaurant. All financial transactions must be recorded in the General Ledger in order for accurate records to be maintained. Without attending to this, the owner is not going to be able to run the restaurant without maintaining accountability in the ledger. Nessel further states that, “My experience is that how well the business is being proactively managed is directly correlated as to how well the owner is managing his “books”. Therefore, it is a primary concern for the owner to set up an accounting system in order to ensure the business runs smooth financially. Not having accounting and financial controls in place is the number one reason most businesses fail and if a restaurant is in trouble this is the first issue to address. The Restaurant Operators Complete Guide to QuickBooks, is recommended by many accountants as a guide to help setup a good accounting system.

Problem Two – When Major Operating Expenses are Higher than Total Sales

Statistics say that, “Restaurant food & beverage purchases plus labor expenses (wages plus employer paid taxes and benefits) account for 62 to 68 cents of every dollar in restaurant sales.” These are referred to in accounting terms as a restaurant’s “Prime Cost” and where most restaurants encounter their biggest problems. These costs are able to be controlled unlike utilities and other fixed costs. An owner can control product purchasing and handling as well as menu selection and pricing. Other controllable output costs for a restaurant include the hiring of staff and scheduling staff in an economically efficient way. “If a restaurant’s Prime Cost percentage exceeds 70%, a red flag is raised. Unless the restaurant can compensate for these higher costs by having, for example, a very favorable rent expense (e.g. less than 4% of sales) it is very difficult, and perhaps impossible, to be profitable.”

Rental expenses for a restaurant (if one included taxes, insurance and other expenses that may fall into this category such as any association fees) are the highest expense a restaurant will incur after the “Prime Costs.” Rent averages around 6-7% of a restaurant’s sales. Since it is in the category of a fixed expense it can only become a reduced ratio through an increase in sales. If the cost exceeds 8% then it is useful to divide the occupancy cost by 7% to find out what level of sales will be required to keep rental expenses under control so they do not put the restaurant out of business

]]>http://mongolianbusiness.org/restaurant-financial-management-issues/feed/0What To Look For In A Restaurant Accountanthttp://mongolianbusiness.org/what-to-look-for-in-a-restaurant-accountant/
http://mongolianbusiness.org/what-to-look-for-in-a-restaurant-accountant/#respondMon, 07 May 2018 07:44:32 +0000http://mongolianbusiness.org/?p=24Restaurant accounting differs from the responsibilities of the regular business accounting; so also the needs and expectations from the accountant. Apart from income from patrons, cash flow and inventory, for example, are some of the major areas within restaurant accounting. Restaurants have long working hours and often these may stretch further. The restaurant accountant must remain alert to ensure that all instances of expense and income are recorded, at the very basic of bookkeeping and accounting levels. This would mean keeping track of transactions occurring in the extra time period the restaurant is catering to customers. The work can be grueling, and the accountant needs a sharp eye to accurately record all financial transactions taking place in the restaurant, including in the kitchen.

Accounting work in a restaurant can be very different from that in another business, regardless of the business size.

Restaurant accounting

Restaurant accountants need to document all transactions within the restaurant; whether it is income coming in from paying customers or expenses due to stock-taking in the kitchen and the supplies store. There are vendors to be paid for produce, restaurant supplies such as crockery, etc.

Typically, accounting cycles in restaurants begin with the customers paying for their food. Regardless of the timings, whether rush hour or not, this payment must be recorded in the books as a financial transaction. If there are different sections such as dine-in, take away, and home deliveries, a restaurant may keep different ledgers for each. Whatever the case, the accountant will need to ensure all records are complete and accurate for the income or expense made by the restaurant per day. These records will finally go into making a complete financial report. Financial reports serve as the strongest indications of the economic health of a restaurant.

Statement of Income

The income statement of a restaurant reflects the earnings in terms of profits and losses. The restaurant accountant will usually maintain this record over a fixed time period such as a week. The income statement documents both, profits and losses through income, inventory and expenses. Weekly income statements work better for restaurants, given the long working hours. Income statements are also important because they can tell, at a glance, how well a restaurant is performing.

Cash flow management

Perhaps one of the most important responsibilities managed by the restaurant accountant. Cash is one of the most important components of restaurant accounting. Daily sales need to be kept track of and money that is spent as expenses too needs to be noted into the books. The accountant will also need to maintain transactions taking place in the stores and the restaurant inventory; in effect, manage cash flow on a daily basis. This could mean keeping track of everyday food used from the store and/or food supplies and produce that has been ordered. Many restaurant accountants find it easier to note down inventory expenses on a weekly basis to determine overall restaurant profits.

]]>http://mongolianbusiness.org/what-to-look-for-in-a-restaurant-accountant/feed/0Successful Startup Restaurant Business Planshttp://mongolianbusiness.org/successful-startup-restaurant-business-plans/
http://mongolianbusiness.org/successful-startup-restaurant-business-plans/#respondSun, 22 Apr 2018 07:44:33 +0000http://mongolianbusiness.org/?p=25The process of opening a restaurant from start to finish can be, and should be, an arduous one. It requires a tremendous amount of research and determination, and it can easily get overwhelming. Often clients ask, “What should I be doing?” It’s the right question, but not easily answered. Why? There is a whole array of things that must be done simultaneously in opening any business, but especially one as complex as a restaurant.

So, where do you start? The best place to start is with a plan, of course. Without one, it’s like shooting from the hip. Just trusting your instincts is a recipe for failure. “If you don’t know where you’re going, you are unlikely to get anywhere worthwhile.” So you begin with a business plan, a proven foundation of success and the road map to your dream becoming reality. A quotation worth remembering and putting into practice is, “Failing to plan is planning to fail” from The 7 Habits of Highly EffectivePeople, Stephen R. Covey).

Let’s outline two important steps necessary to create a successful business plan:

1. You must have an idea of the type of restaurant you want. That means coming up with a well-thought-out concept, visualizing it with graphics, and describing in writing. Your entire business plan will evolve from this: how to bring that dream restaurant to life; how to give it its unique personality; and what makes it different from other restaurants.

2. Study successful restaurants in order to formulate a model that fits what you have in mind. You don’t have to copy them, just determine why you think they are successful. Is it their food? Is it their friendly service or atmosphere? Most likely it will be all three, fitting together to form a total concept: great food, prompt and attentive service, and a comfortable, if not unique, atmosphere.

I like to use the example of a three-legged milking stool to drive this point home. If one leg is weak, then the whole stool is weak and collapses, hopefully not with you on it.

When I suggest learning from observing other successful restaurants, keep this thought in mind. Your restaurant idea must be uniquely yours. Combine the best parts of other successful restaurants into your own creative version of what you want. Perhaps it’s the personal service and unique food presentation that you have enjoyed at one restaurant, or the decor theme at another. Blend all the elements that you feel make those restaurants successful into your own total concept of food, atmosphere, and service, and you will have created your own original.

First, make an outline of what your business plan will include. Remember, BE SPECIFIC! Writing a business plan forces you to think through where you are going, how you plan to get there, and it is a tried and true road map to success. By organizing your thinking, you are more able to translate your thoughts to paper (or a computer screen) and watch a rigorous plan of action begin to take form.

THE BUSINESS PLAN

The Executive Summary: Your Executive Summary should be brief and two-fold, containing:

1.) A well-thought-out, condensed version of the business plan, a blueprint in developing your restaurant concept.

2.) The executive summary provides a banker, or potential investor, an insight into your thinking and an implied promise for profits. Condensed and to the point, the executive summary gives your potential investors the essence of the business plan without having to digest the entire document, and creates an immediate interest to read further.

The Company Structure: Describe the legal business entity that you have selected to conduct your business. Your accountant and lawyer will advise you based on your personal circumstances.

Restaurant Service Categories: How will you deliver service to your customers? Are you thinking of table service, with a wait and bus staff, or the limited staff of fast-food or fast-casual service systems?

Your service concept will determine the qualifications required of the employees you will hire and the pay scale appropriate to each.

Service: What attitude and personality should your service staff display? How will they interact with your customers? From behind a counter, in a fast food setting, or up close and personal, taking and bringing orders directly to the table with a smile. Good service, plus a pleasant attitude of your wait staff goes a long way in bringing your customers back.